Mukhyamantri awas yojana are the housing scheme launched by Chief Minister for BPL, EWS and LIG category in urban, rural area, download lottery draw result & beneficiaries list of housing board and municipal corporations on Mukhyamantri awas yojana & find latest updates and news


Pradhan Mantri Awas Yojana Home Loan Interest Rates & Subsidy 2017

Are you looking for home loan under Modi government housing subsidy scheme? If yes, then its a good news for you because, Central government has declared even more subsidy in home loan interest rates under Pradhan Mantri Awas Yojana. Narendra Modi, the Prime Minister of India, announced the interest subsidy on housing loans taken under Pradhan Mantri Awas Yojana on 31 Dec 2016.

The amount under the Pradhan Mantri Awas Yojana Home Loan Scheme has been increased by double to 12 lakh and interest subsidy rate for the amount would be upto 4%. New interest rates / revised interest rates comparison with earlier PMAY is scheme is given below.

PMAY Home Loans Interest Rates/Subsidy for 2017

Subsidies Explained Earlier Scheme (2015) – CLSS for EWS/LIG Revised Scheme (2017) – CLSS for MIG
Loan Amount Up to Rs. 6 Lakh Up to Rs. 9 Lakh Up to Rs. 12 Lakh
Eligibility Criteria EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary. MIG 1 – Up to Rs. 12 Lakh per annum MIG 2 – Up to Rs. 18 Lakh per annum
Subsidy Calculation for a loan tenure of up to 15 years 6.5% 4% 3%
Subsidy Amount Rs. 2.2 Lakh for a loan of 6 lakh Rs. 2.35 Lakh for a loan of Rs 9 Lakh Rs. 2.3 Lakh for a loan of Rs. 12 Lakh
Interest Rates and Subsidy
Interest Rate 10.5% 8.5%
Loan Amount Rs. 12 Lakh Rs. 9 Lakh or More Rs. 12 Lakh or More
Amount Eligible for Subsidy Rs. 6 Lakh Rs. 9 Lakh Rs. 12 Lakh
Subsidy Rate 6.5% 4% 3%
Subsidy Amount 2.2 Lakh 2.35 Lakh 2.3 Lakh

The increase loan amount under PM Awas Yojana will affect the monthly installment which would be reduced. In the started of the scheme, central government offered 6.5% subsidy on the loan up to Rs. 6 lakh while now, 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh is being provided to the beneficiaries of the scheme.

The applicants can avail the loan under PMAY for maximum tenure of 20 year while earlier, the loan period was only 15 years. Apart from this, the government has also introduced two new middle income group categories under PMAY home loan scheme.

Home loans are available from banks and non banking financing companies at the present interest rates of about 9%. And after availing the benefits of Home Loan under PM Awas Yojana, the interest rate would be fall to 5% due to the effect of interest subvention of the scheme. It also reduces the EMIs of home loan.

PMAY Home Loan Interest Rate Calculation

For example, if any individual opt a loan of Rs. 9 lakh for 15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month. As a result, the monthly EMI would be of Rs 9,128 while he/she will have to Rs 7,117 after interest subvention.

Similarly, you will save Rs 2,044 in monthly EMI if you take a loan of Rs 12 lakh. This would be result due to subvention of 3 per cent lower interest rate.

Online Applications for Pradhan Mantri Awas Yojana – Urban are being invited through CSC’s and official website at

Under Pradhan Mantri Awas Yojana - Gramin, the central government is providing, interest subsidy of 3% on home loans taken in 2017 for renovation and new home construction.

In Hindi -प्रधानमंत्री आवास योजना – होम लोन ब्याज दरों पर सब्सिडी 2017


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